March 25, 2009, - 3:02 pm

Now, It’s Minor League Sports Stadium Bailouts a/k/a “Stimuli”

By Debbie Schlussel
If you’re keeping track–and I’ve lost track–so far we have banks, foreclosed mortgage holders, the porn industry, auto companies, brokerage firms, failed liberal mainstream media newspapers, and pretty much everyone else asking for a hand-out, many of ‘em getting one.
Now, it’s empty minor league sports stadiums owned by rich developers:

Take the case of Reno, Nev.’s proposed new entertainment district next to the city’s new minor-league baseball stadium. The stadium, near the Truckee River several blocks from the casinos on Reno’s Virginia Street, is set to open next month when the Reno Aces face off against the Salt Lake Bees.

acesballpark.jpg

Aces Ballpark: Empty Minor League Stadium

Owners Are All Aces @ Taking Taxpayer Money for Failed Project

But the swooning economy and frozen credit markets have prevented the stadium developers, a group called Nevada Land, from completing construction on even the first phase, which is planned to contain 40,000 square feet of restaurants and nightclub space.
So the developer has asked the city of Reno for help. The $50 million stadium was financed partly with about $30 million of county-issued bonds backed by a car-rental tax set up in 2003. Now Nevada Land is asking the city for at least $10 million in additional assistance, to help finance the entertainment district’s retail space, says Stuart Katzoff, the managing partner of Nevada Land.
The Reno city council, acting as the board of the city’s redevelopment agency, is scheduled to take a final vote on the request today. “It’s kind of like a little stimulus package,” says Reno Mayor Robert Cashell, who supports the measure. . . .
But some experts are skeptical of blindly financing projects just to get them done. “One thing we know about recessions … is local officials get very anxious to grow the economy and they will throw stupid money at deals,” says Jeffrey Finkle, president and chief executive of the International Economic Development Council. . . .
In Reno, the developer’s request for city help has drawn some fire. Reno City Councilwoman Jessica Sferrazza says she has received many emails and phone calls from citizens concerned about providing additional money to developers during an economic downturn. Ms. Sferrazza says she supports the stadium and doesn’t like the vacant site next to the stadium, but she maintains that it isn’t prudent for the city to help out the developers any more than they already have. “I think it should be on the developer’s dime,” Ms. Sferrazza says.
But Ms. Sferrazza was the only dissenting vote when the city gave an earlier general approval to the subsidy request. Four other members voted for it, eager to transform an area of town that Mayor Cashell describes as a former slum, once home to a motel and a fire station. He says the additional financing assistance will help the developers deliver it in about a year. “It’ll really give life to an area that’s been down,” he says.

Good luck. If people are taxed to death, they won’t have any money to spend–especially in this economy–and it’ll be yet another slum, only with newer, chicer empty buildings.

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2 Responses

Right on Debbie, I am glad you know that subsidizing sports teams is not Capitalism. I was involved in a group that tried to stop the San Diego Padres from raiding $1.3 Billion in taxpayer money from the City. The voters eventually passed this foolish bond and now the city is on the verge of bankruptcy for it inflated pension. Redevelopment Agencies are a bunch of crooks who rob cities of property tax revenues for their own financial personal gain. Basically socialism for the well connected. The city on the verge of bankruptcy was tabbed by the New York Times as Enron by The Sea. Now the Chargers are asking for $1 Billion or more to keep the Chargers from going to Los Angeles. GO CHARGERS!! GO FAR AWAY!!

californiascreaming on March 25, 2009 at 7:55 pm

Good Day. Peace is when time doesn’t matter as it passes by. Help me! Can not find sites on the: Stock market share prices. I found only this – platinum prices on stock market. That eliminated, there is portfolio to be dramatic about the nation to which dutch prices are more few than past, stock market prices. Stock market prices, advantages, jurisdictions, advancements, and the fair value can effectively kill economic on the american market fact that comes historical. With best wishes :mad:, Ringo from Tome.

Ringo on March 17, 2010 at 11:30 am

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